Mr. Stephen Fury, an experienced academic professor, aims to level the level of knowledge of students and cope up with the standardized delivery of academic programs in schools. SuperBrains Tutorial offers after class lessons focused on English, Math, and Sciences. Presented below are the unadjusted account balances of the company from January 1 to December 31, 2020. Debit Credit Cash P285,000 Accounts Receivable Allowance for Doubtful Accounts 67,000 P5,360 Prepaid rent Furniture and Fixtures 27,000 38,800 Accounts Payable Unearned Service Revenue 20,000 23,000 Fury, Withdrawals Fury, Capital Service Revenue 78,000 507,440 250,000 190,000 Salaries Expense Utilities Expense Supplies Expense 20,000 70,000 Commissions and Bonuses 30,000 Additional information: 1. Based on past collection data, about 3% of credit service revenue is uncollectible. 70% of service revenue came from cash services. 2. Unexpired portion of prepaid rent at the end of the year amounts to P8,000. 3. Furniture and fixtures was purchased on August 31, 2020. It is expected to benefit the company for three years with a disposable value of P10,000. 4. Unrecorded payment of accounts payable, P15,000. 5. Unearned service revenue should be P15,000. 6. P20,000 of supplies expense are still unused.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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lessons focused on English, Math, and Sciences. Presented below are the
Mr. Stephen Fury, an experienced academic professor, aims to level the
of academic programs in schools. SuperBrains Tutorial offers after class
level of knowledge of students and cope up with the standardized delivery
unadjusted account balances of the company from January 1 to December
31, 2020.
Debit
Credit
Cash
P285,000
Accounts Receivable
Allowance for Doubtful Accounts
67,000
P5,360
Prepaid rent
Furniture and Fixtures
27,000
38,800
Accounts Payable
20,000
Unearned Service Revenue
23,000
Fury, Withdrawals
Fury, Capital
78,000
507,440
250,000
Service Revenue
190,000
Salaries Expense
Utilities Expense
20,000
70,000
Supplies Expense
Commissions and Bonuses
30,000
Additional information:
1. Based on past collection data, about 3% of credit service revenue is
uncollectible. 70% of service revenue came from cash services.
2. Unexpired portion of prepaid rent at the end of the year amounts to
P8,000.
3. Furniture and fixtures was purchased on August 31, 2020. It is expected
to benefit the company for three years with a disposable value of
P10,000.
4. Unrecorded payment of accounts payable, P15,000.
5. Unearned service revenue should be P15,000.
6. P20,000 of supplies expense are still unused.
Transcribed Image Text:lessons focused on English, Math, and Sciences. Presented below are the Mr. Stephen Fury, an experienced academic professor, aims to level the of academic programs in schools. SuperBrains Tutorial offers after class level of knowledge of students and cope up with the standardized delivery unadjusted account balances of the company from January 1 to December 31, 2020. Debit Credit Cash P285,000 Accounts Receivable Allowance for Doubtful Accounts 67,000 P5,360 Prepaid rent Furniture and Fixtures 27,000 38,800 Accounts Payable 20,000 Unearned Service Revenue 23,000 Fury, Withdrawals Fury, Capital 78,000 507,440 250,000 Service Revenue 190,000 Salaries Expense Utilities Expense 20,000 70,000 Supplies Expense Commissions and Bonuses 30,000 Additional information: 1. Based on past collection data, about 3% of credit service revenue is uncollectible. 70% of service revenue came from cash services. 2. Unexpired portion of prepaid rent at the end of the year amounts to P8,000. 3. Furniture and fixtures was purchased on August 31, 2020. It is expected to benefit the company for three years with a disposable value of P10,000. 4. Unrecorded payment of accounts payable, P15,000. 5. Unearned service revenue should be P15,000. 6. P20,000 of supplies expense are still unused.
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